Are you curious to know how the Nova Scotia Real Estate Market fared in 2022?
This real estate market recap will focus on Nova Scotia and specifically, the central areas of Halifax-Dartmouth, Annapolis Valley, and the South Shore.
To calculate the average price figure, the total of all the homes sold prices are then divided to get the average price.
The median home sale calculation is the sale price from the exact middle of the pack as in if an area has had 13 homes sell, then the median price would be that of the 7th house if organized by price.
The median home sale price is most often used for market reports because if there were a greater number some homes that sold on one end of the spectrum it can skew the average sale prices making them less accurate.
For Nova Scotia as a whole, December 2022 saw an increase of 1.2% in average home price compared to December 2021, while the median year-over-year home sold prices were up 3.7%.
The number of homes sold is down 33.7% tells the story of Buyer hesitancy due to inflation and increased interest rates.
But with inventory still at 1.9 months supply, we are still in a solid seller’s market. The median home sale price for Nova Scotia for December was $350,000. That is an increase of 3.7% over the December 2021 home sale price.
Median Home sale prices for December 2022
Halifax-Dartmouth Real Estate
From Dec 2021, the median home sale price is up 1.8% to finish out 2022 at $449,000.
The number of housing units sold is down 28% from the same month last year so there is some deceleration in the Nova Scotia market.
New listings for this time of year are down which is typical for this time of year as the snow starts to fly, but when looking at the number of homes currently for sale compared to this time last year the figure has more than doubled to 559 units available.
READ More on Why You should Move to Halifax
Real Estate Inventory up Slightly
This has bumped up the month’s worth of inventory from .4 months to 1.3 months’ worth of inventory. Still a long way from a balanced market of 5-6 months’ worth of inventory.
The list-to-sale price ratio is a telling tale of what buyers are going to have to offer when they do find a property here in Nova Scotia and it is at 98% for Dec 2022. Last time this year buyers were paying over the list price by 8% to have the winning offer.
Annapolis Valley Real Estate
For Annapolis valley, the median home sale price is up to 300,000 which is 3.4% above December 2021. The Annapolis Valley encompasses a large range of home values. From the popular wine regions of Wolfville and Windsor Falmouth down to remote and less populated areas of Yarmouth and Digby.
Sales are Down Approximately 50%
For the Annapolis valley, the inventory is up a little bit to 2.2 months’ worth, which is good news as the number of homes sold is down app 50% from this time last year. One of the hardest hit areas of decreased home sales.
Learn More about Windsor and West Hants, Nova Scotia
South Shore Real Estate
The median home sale price for December 2022 on the South Shore of Nova Scotia was $345,000 which is a 13.1% increase from the previous December. List-to-sale ratios for South shore and Annapolis Valley were at 95% for December.
Top Selling Properties of 2022
The top sale in Halifax-Dartmouth for last year was $4.5 million which, included multiple units, but the top home sale was $4.3 million. 15 homes sold over $2,000,000 in the Halifax area. 260 homes that sold for between $1 and $2,000,000 CDN
The top home sale for last year for Annapolis Valley was $1.5 million.
The top home sale for all of Nova Scotia was in the Village of Chester at $5,025,000 CDN Worth noting that 3 of the top 5 highest selling properties in NS this past year were in The Village of Chester. Chester is internationally known for iconic oceanfront estates and elite sailing waters. The average wholesale price in the Village of Chester is 954,000.